Paris Baguette eyes Middle East expansion with latest MOU

Industry

Published: 23 Oct. 2023, 15:56 Updated: 23 Oct. 2023, 15:58

Paris Baguette eyes Middle East expansion with latest MOU

SPC Group President Hur Jin-soo, right, and Galadari Brothers Group CEO and Co-Chairman Mohammed Galadari sign an MOU for a joint venture partnership for Paris Baguette's entry into the Middle East at the Fairmont Hotel in Riyadh, Saudi Arabia, on Sunday. [SPC]

Paris Baguette, a Korean bakery chain under the SPC Group, will build a joint venture with the UAE-based Galadari Brothers Group next year to expand its footprint in the Middle East.

Under the joint venture, the bakery brand will open stores in 12 Middle Eastern and African countries, including Saudi Arabia, UAE, Qatar, Kuwait, and Bahrain, by 2033, SPC announced Monday, following the signing of a Memorandum of Understanding (MOU) in Saudi Arabia the previous day. SPC is one of the companies participating in the presidential economic delegation visit to Saudi Arabia and Qatar.

“After commencing the construction of a halal-certified factory in Johor Bahru in Malaysia in June last year, we are now making a foray into the $2 trillion halal market through the MOU,” the bakery brand said.

The bakery products will be supplied by Malaysia's forthcoming halal-certified Johor Bahru factory, which is slated for completion next year.

“The halal market is strategically significant in Paris Baguette's global business,” SPC Group President Hur Jin-soo said. “Through a strong partnership with the Galadari Brothers Group and bold investments, we aim to drive growth in our global operations.”

Paris Baguette initiated its global expansion in 2004, beginning in China.

It has since established a presence in ten countries worldwide, including the United States, France, the United Kingdom, Canada, Singapore, Vietnam, Cambodia, Indonesia and Malaysia. The number of the company's overseas stores recently exceeded 500.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]